Topic: one mistake that crypto beginners should be aware of ? - page 6. (Read 778 times)
I already sense many mistakes in that too. They jump in without proper knowledge. They would just watch few videos how peeps are making hundreds and thousands dollars overnight and get motivated with it to trade insane amount of money. Newbies actually learn when they lose high rolls and end up crying for their investments. Whether small or big is not question, but learning how to turn it into profit is real question. They won’t ask for help, they won’t look for articles neither any authentic source of trading skills. That’s the mistake they always do. I know there are hundreds of topics like these but they should kee coming so that we refresh the mistakes others make and learn from it.
One thing I've noticed about cryptocurrency beginners is that they always want to make money quickly and don't even know what currency to invest in. All they want is for their money to start doubling as soon as they start investing, but they are unaware that this is not how cryptocurrency works, instead, it relies on certain principles, which is why the majority of people fell victim to the FTX collapse and lost a lot of money, and lots of individuals lost their money, and beginners are always interested in altcoins that will go 100x at the end of the day they ending up losing their money after a failed project. the best thing to do your research before investing in cryptocurrency involves risk.
Analysis is required, but in crypto “no risk, no return”. This means that if they don't want to take risks, then they are not suitable for investing in crypto. Risks may vary, security, price fluctuations and some things like that, it should be an extra consideration than only expecting returns.About the best trading platforms, some will prefer binance, some will also like other platforms, but it is also a good idea to use local platforms which may have been licensed by the government.
This one is a little of a stress related one, but it could show itself in your decision making, News binge, or articles,signals related.
Sometimes is good to put down your phone or get away from the computer for some time, when its only btc in wallet them just dont look at it at all.
Stress is only an emotion and anyone can experience it even the professionals and experienced traders. There is a remedy for stress. Now what about the beginners? Even if they are not stressed, they still lacks of knowledge and this can affect their decision making which can result for a loss. Losses are also normal so they must not be stressed again but instead learn on how can they improve their self.Sometimes is good to put down your phone or get away from the computer for some time, when its only btc in wallet them just dont look at it at all.
Your advice there of staying away from the screens is good only for the long-term investors but for the traders, it's important for them to monitor the market and to listen to the updates (news, signals, etc.). They can use it to decide if what move they are going to do next.
It's a common mistake even to not newbies in crypto especially when they didn't research which is the most reliable exchange to trade. It's in the trader's interest to be on a platform that they can also trust and can benefit which is why Binance also becomes no.1.
When exchanges started allowing users to stake with them, all other exchanges offer the same to stay in the game. So while some newbies plan to store or stake on exchanges, its best to just chose the one that is almost too big to fail.
When exchanges started allowing users to stake with them, all other exchanges offer the same to stay in the game. So while some newbies plan to store or stake on exchanges, its best to just chose the one that is almost too big to fail.
One thing I've noticed about cryptocurrency beginners is that they always want to make money quickly and don't even know what currency to invest in. All they want is for their money to start doubling as soon as they start investing, but they are unaware that this is not how cryptocurrency works, instead, it relies on certain principles, which is why the majority of people fell victim to the FTX collapse and lost a lot of money, and lots of individuals lost their money, and beginners are always interested in altcoins that will go 100x at the end of the day they ending up losing their money after a failed project. the best thing to do your research before investing in cryptocurrency involves risk.
Every person is beginner at starting of trading and getting knowledge about it before Initiation is important. At start they do not have any knowledge about the coin that which coin will be beneficial for taking profit and they do a big mistake by selecting such coin which have no future benefit.
All mistakes cannot be accurate at once but it will be perfectly possible by engaging in it, if unfortunately a person fails to get profit then he should not consider it as a failure but he should take a lesson from it and think about it that he will never repeat these mistakes.
Newbies should also learned that investment for short term at start is full of risk so always involved in long term and buy token with that money which you can save for lengthy time.
All mistakes cannot be accurate at once but it will be perfectly possible by engaging in it, if unfortunately a person fails to get profit then he should not consider it as a failure but he should take a lesson from it and think about it that he will never repeat these mistakes.
Newbies should also learned that investment for short term at start is full of risk so always involved in long term and buy token with that money which you can save for lengthy time.
Choosing an inappropriate crypto exchange platform: This mistake can happen if beginners don't do their research on which exchanges are reputable, secure, and have the cryptocurrencies they want to trade. It's important to choose an exchange that has a good track record, transparent fees, and secure storage.
Focusing only on pricing instead of ROIs: Beginners often get caught up in the hype of price increases and FOMO (fear of missing out), leading them to invest in cryptocurrencies without understanding the project, its technology, and its potential ROI. It's important to do thorough research and analysis before investing in any cryptocurrency.
Lack of research and planning: As mentioned, research is crucial in the crypto space. Beginners may jump into buying a cryptocurrency without understanding its purpose, technology, or long-term potential. It's important to have a strategy and plan before investing in any cryptocurrency.
Underestimating cyber security: Cybersecurity is a significant concern in the crypto space, and beginners may not fully understand the importance of securing their investments. It's crucial to store cryptocurrency in secure wallets, use two-factor authentication, and be cautious of phishing scams
Focusing only on pricing instead of ROIs: Beginners often get caught up in the hype of price increases and FOMO (fear of missing out), leading them to invest in cryptocurrencies without understanding the project, its technology, and its potential ROI. It's important to do thorough research and analysis before investing in any cryptocurrency.
Lack of research and planning: As mentioned, research is crucial in the crypto space. Beginners may jump into buying a cryptocurrency without understanding its purpose, technology, or long-term potential. It's important to have a strategy and plan before investing in any cryptocurrency.
Underestimating cyber security: Cybersecurity is a significant concern in the crypto space, and beginners may not fully understand the importance of securing their investments. It's crucial to store cryptocurrency in secure wallets, use two-factor authentication, and be cautious of phishing scams
I think it shouldn't necessarily be a "specific" mistake but something considered a "learning" mistake. Like something "too good to be true" posts and offers, ending up as a scam. I believe that anyone of us has probably experienced a scam one way or fraud possibly like:,
There are a lot of things beginners should learn, just make sure they understand what they are doing in the first place.
- Investing in coins believing it's going to be a life-changer
- Trading with someone here and not verifying the amount that they have control of the wallet.
- Believing in paying like signals but it's really within your control on how you are going to proceed with trading
There are a lot of things beginners should learn, just make sure they understand what they are doing in the first place.
This one is a little of a stress related one, but it could show itself in your decision making, News binge, or articles,signals related.
Sometimes is good to put down your phone or get away from the computer for some time, when its only btc in wallet them just dont look at it at all.
Sometimes is good to put down your phone or get away from the computer for some time, when its only btc in wallet them just dont look at it at all.
hero member
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Those mistakes can occur when a newbie only relies on the information they gather without even asking questions or doing their own research. There is some false cryptocurrency information on the internet, and if a newbie is not careful, they could get some misleading information from the internet. Newbies should just find concrete information and ask questions where they need to before they go into trading crypto because that's their money they will be dealing with, and if they invest in the wrong coin, token, or even choose the wrong exchange, it can result in a total loss.
Crypto newbies like using crypto exchanges that people have not heard anything about before, they always failed to do some research themselves or check the exchange reviews online, most new crypto exchanges are a scam, they don't have to be centralized exchanges, and some requires you to wallet connection, and they even have tokens listed on the lowest rates exchanges, newbies are far from been smart and most of them don't want to learn.
Not knowing what they are engaging themselves into. Most of the new ones are just after profit, which is not a bad thing. But atleast make effort to know what and what not. Most of them thinks that earning profit in this industry is an easy thing to achieve but in reality it is not. Be mindful or risks on choosing a coin, and if it is Bitcoin, beware of its high market price volatility. Prices are unpredictable and are having no definite pattern wherein one wrong move and you'd suffer from huge loss. Also, avoid FOMOs and other things in relation to this industry which might affect your actions from your investments. Indeed, peofit potential is high for this industry in general, but potential will only remain as potential if no right actions would be made.
There are a lot of mistakes being made by crypto beginners. I think they made mistakes like choosing an inappropriate crypto exchange platform, thinking only about pricing instead of ROIS, lack of research and planning, and underestimating cyber security. If they were aware of such things, it will be more beneficial for them.
Being a newbie in cryptocurrency, you need to start your investment with bitcoin, considering that we have many crypto out there that were just a fancy display of name only and got nothing to offer than high risk taking, if you choose bitcoin being a beginner, you are safe from loosing your entire asset like some would give to you when you invested in their shitcoins, after choosing bitcoin, it is very important also to choose a decentralized exchange for your coin, so that it does not end up in the hands of the hackers or centralized institutionizations.
copper member
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Mistakes shouldn’t be overlooked and there’s no one mistake only that newbie should be aware of because all of them should be considered. Focusing on limiting yourself to prevent a single mistake will just just give a terrible result in the future because you are allowing other mistake to come at you.
In general, Being cautious by not trusting everyone here in crypto space is the best thing to do. Use a service as if they will scam you so that you will not be comfortable leaving your asset unsecured with them. As a newbie, They are the one that needs extra caution on what they are dealing in crypto but sadly most of the newbie are careless and just learning from mistakes after losing their funds.
In general, Being cautious by not trusting everyone here in crypto space is the best thing to do. Use a service as if they will scam you so that you will not be comfortable leaving your asset unsecured with them. As a newbie, They are the one that needs extra caution on what they are dealing in crypto but sadly most of the newbie are careless and just learning from mistakes after losing their funds.
There are many more mistakes than you might think. Many think an exchange is the only way to get to Bitcoin…wrong. Many have not understood the difference between custodial and non-custodial, and therefore rely on centralized third parties ... wrong. Many do not know what security means and use applications on their smartphones without caring what they are downloading ... wrong. We should give more incentive to education.
This is dependent on the kind of knowledge people actually gain coming into crypto. Sadly for some people people in non crypto friendly countries or communities it has hard to find people to trade bitcoin with and many had to resort to exchanges. The major problem is not the use of exchanges to sell or buy bitcoin but the type of exchange or the mode to which it is used. Decentralized exchanges are simply the safest but most features like future trading aren’t on some also it doesn’t mean centralized exchanges can’t also be used to trade. The main problem is using these exchanges mostly the centralized ones as wallets were funds are stored rather than just treating it as a marketplace which it is meant for.
There are many more mistakes than you might think. Many think an exchange is the only way to get to Bitcoin…wrong. Many have not understood the difference between custodial and non-custodial, and therefore rely on centralized third parties ... wrong. Many do not know what security means and use applications on their smartphones without caring what they are downloading ... wrong. We should give more incentive to education.
There are a lot of mistakes being made by crypto beginners. I think they made mistakes like choosing an inappropriate crypto exchange platform, thinking only about pricing instead of ROIS, lack of research and planning, and underestimating cyber security. If they were aware of such things, it will be more beneficial for them.
I think there's a lot of topic like this at Beginners & Help where there's many questions that already have been answered. But from your statement OP. It's just a common thing for a beginners to have some mistakes that could help them develop their skills at trading or investing. That's why once you gained an experience plus your knowledge at crypto for a long of period of time it will be easy for you to make a good calls in crypto. Those things you've mentioned are just few common mistakes made mostly by beginners there's also fomo, fud , timing when buying and selling and etc. These what I've been experienced before improving at crypto world.
There are a lot of mistakes being made by crypto beginners. I think they made mistakes like choosing an inappropriate crypto exchange platform, thinking only about pricing instead of ROIS, lack of research and planning, and underestimating cyber security. If they were aware of such things, it will be more beneficial for them.
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